Suppose you have a savings account earning 4.8% APR. you deposit $50 in the account at...

Suppose you have a savings account earning 4.8% APR. you deposit $50 in the account at the end of each week. What is the balance after 4 years

Expert Solution

	A/c balance after 4 years	P×[(1+r)^n-1]÷r

	Here,

A	Interest rate per annum	4.8%
B	Number of years	4
C	Number of payments per per annum	52
A÷C	Interest rate per period ( r)	0.09%
B×C	Number of periods (n)	208
	Payment per period (P)	$ 50

	A/c balance after 4 years	$ 11,459.67
		50×((1+0.09%)^208-1)÷0.09%

jeff jeffy answered 2 years ago

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